Multiple Choice Questions on The effective annual rate of interest corresponding to the nominal rate of 4 per annum payable half ........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

The effective annual rate of interest corresponding to the nominal rate of 4 per annum payable half ...........

Quantitative Aptitude ( CCS) Compound Interest
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    The effective annual rate of interest corresponding to the nominal rate of 4% per annum payable half yearly is ?

    4

    Incorrect Answer

    4.4%

    Incorrect Answer

    4.04%

    Correct Answer

    4.2%

    Incorrect Answer
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    Explanation:

    Let p = 100
    CI = [100+(1+[2/100]2)] = 100 × (102/100)× (102/100)
    = 104.04
    Effective rate = 104.04 – 100 = 4.04%

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